CFO Leaves Restoration Hardware for Office Depot
Corte Madera, Calif., Restoration Hardware CFO Patricia McKay resigned to take the CFO spot at Delray Beach, Fla.-based Office Depot. Murray Jukes will become Restoration Hardware’s interim finance chief while the chain looks for a successor. McKay is a member of the board of directors at Office Depot.
Wal-Mart Sells $2.5 Billion in 30-Year Bonds
New York City, Wal-Mart Stores Inc. sold $1.5 billion in 30-year bonds on Wednesday, according to JP Morgan. Initially, Wal-Mart planned to sell $2.0 billion. Before the sale, demand for the bonds was expected to be high since 30-year corporate bonds are relatively rare. This sale is Wal-Mart’s second offering since Aug. 8, when it issued $800 million of five-year notes, according to Bloomberg data.
Coach Profits Bigger Than Expected
Chicago, Coach Inc. reported that its quarterly profit would likely beat expectations. The company said strong sales of its handbags for the fall season drove the increase. Coach said first-quarter earnings would be at least 25? per share on sales of at least $445 million. Analysts expected a profit of 24? per share.
Three top Coach executives signed extensions to stay with the company through August 2011: chairman and chief executive Lew Frankfort, executive creative director Reed Krakoff and COO Keith Monda.